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NZDUSD – A substantial shift in New Zealand Dollar trading positions warns that the NZDUSD exchange rate likely set an important price extreme.
Trade Implications – NZDUSD: Retail FX traders recently hit their most short the Kiwi on record, and open short positions outnumbered longs by an almost-unbelievable 23:1 just two weeks ago. Short interest is now down 80+ percent from that level as crowds take profit on those short positions.
Our Senior Technical Strategist warns that there’s not much in the way of NZDUSD technical resistance above current price levels, but the material turn from peaks suggests that a tradable top is indeed in place.
--- Written by David Rodriguez, Quantitative Strategist for DailyFX.com
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